Lukoil will receive 50% in the export project on the shelf of Kazakhstan

Vedomosti found out the details of Lukoil’s entry into a joint project with the Kazakh state company Kazmunaigas to develop three large hydrocarbon fields on the shelf of the Caspian Sea. Shares in the project, according to the representative of Kazmunaigas, will be distributed 50 to 50, i.e. it will be parity.

In early February 2023, the Ministry of Energy of Kazakhstan and Kazmunaigas signed a contract for the extraction of hydrocarbons at the Kalamkas-Sea, Khazar, Auezov subsoil plots (Vedomosti wrote about this on February 6). The ministry’s message noted that Lukoil had been chosen as a strategic partner of Kazmunaigas. The implementation of the project involves the payment of a “signature bonus” of $32 million and attraction of direct investments in the amount of more than $6 billion, the release said. Other participants in the project, according to the signed documents, are not expected.